Dogecoin, also known as "Dogecoin/Dogecoin", was born on December 8, 2013. Based on the Scrypt algorithm, it is the second largest virtual currency in the world after Bitcoin in terms of the number of users.

After the launch of the Dogecoin system, with the help of reddit (the Doge content on this website is terribly overflowing), the traffic has exploded. In just two weeks, Dogecoin has spread its dedicated blogs and forums. As of June 9, 2015, the market value has reached 100 million. Since there is no pre-mining, Dogecoin is distributed fairly, and the culture of charity and rewarding is deeply popular, and the user development is amazingly fast.

The daily real transaction volume has long been ranked among the top three virtual currencies, and this is the achievement before it was listed on a large platform. The greatest value of the enterprise Internet era is the huge user base. It took Dogecoin one year to reach a user base of one-third of Bitcoin and four times of Litecoin.

Dogecoin (DOGE) has achieved a price increase of approximately 8.50% in the last 24 hours, reaching $0.136 on October 18, which is also the highest price in the past three months. The rebound in meme coins not only coincides with the overall rise in other areas of the crypto market, but is also significantly affected by the comments of Tesla and SpaceX founder Elon Musk.

Musk mentioned "D.O.G.E." during a town hall event on October 17, a coincidental acronym that coincides with the official code of Dogecoin.

He expressed his support for Donald Trump's candidacy in the November U.S. presidential election and during the discussion proposed the idea of ​​a new government agency called the Department of Government Efficiency, whose acronym D.O.G.E.

Back on Oct. 15, Musk responded to an article about regulatory hurdles facing his company, SpaceX, by tweeting a vague but suggestive statement: "D.O.G.E. will fix it."

The comment quickly resonated with Dogecoin enthusiasts and triggered a price rally. As of this week, DOGE has risen by about 25%.

Musk, who calls himself the "Father of Dogecoin," has driven the price of Dogecoin many times in the past through tweets and public statements. His mentions on Twitter have had a profound impact on DOGE's price action, helping the currency achieve an astonishing 64,000% increase between March 2020 and May 2021.

The rise in Dogecoin’s price is also part of a breakout from its popular falling wedge pattern. Traditional analysts view the falling wedge as a bullish reversal pattern, where a breakout of the upper trendline is usually followed by a rally that may be equal to the maximum distance between the wedge’s upper and lower trendlines measured from the breakout point.

​As of October 18, DOGE has broken out of the descending wedge pattern and retested the upper trendline as support, which further confirmed the reliability of the breakout. Since then, the price has rebounded sharply, and Dogecoin aims to reach the next resistance level near $0.19 in the coming period, which is consistent with the 0.786 Fibonacci level.

However, it is worth noting that Dogecoin’s daily relative strength index (RSI) has jumped above 70, indicating overbought conditions in the market. This could lead to a consolidation or correction period that could slow down Dogecoin’s upward movement in the coming days. Nonetheless, Dogecoin’s price is still expected to find support near its 0.236 Fibonacci retracement level, which is around $0.122.